Elon Musk and Mark Cuban Challenge SECs In-House Trials
Elon Musk and Mark Cuban have joined forces to challenge the U.S. Securities and Exchange Commissions (SEC) practice of conducting in-house trials without juries. The duo has presented a joint amicus brief to the Supreme Court, raising questions about the legitimacy of the SECs administrative proceedings and their implications for the Seventh Amendment right to a jury trial. Musk and Cuban Challenge SEC At the core of this challenge is the case of SEC vs. Jarkesy. Plaintiff George Jarkesy argues that his Seventh Amendment rights were violated when the agency used an internal adjudication process led by an administrative law judge appointed by the commission. Musk and Cuban claim that this creates a scenario where a single entity acts as judge, jury, and executioner, raising concerns about impartiality and due process. ????NEW: Billionaires @elonmusk at @mcuban are teaming up to stand up to the @SECGov. In a joint amicus brief filed today, the pair voiced their support for the overhaul of current agency administrative proceedings that allow for the use of in-house judges to preside over cases… —Eleanor Terrett (@EleanorTerrett) Oktubre 18, 2023 According to the brief, between 2013 and 2014, the SEC began handling more cases in-house, diverting from federal courts. This shift was prompted by